Ceripen Trade S.A.
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
USD $ 13,813,000
USD $ 27,627,300
Project scope and objective
Ceripen Trade S.A. (the "Borrower") is a special purpose vehicle established for the development, construction and operation of a fair ground and convention center of approximately 48,000 m2 in Roosevelt Park in Canelones, Uruguay (the "Project" or "Forum Uruguay"). The Project will be located in a land of approximately 30 hectares given in concession for 50 years, based on the provisions of the International Public Tender 100/2017 of the Municipality of Canelones.
The Project will be developed by Ebital S.A. ("Ebital"), a Uruguayan construction company with long experience in the construction of large projects, such as Carrasco International Airport, Tower 4 of the World Trade Center and the Nuevo Centro shopping center. Forum Uruguay will be operated and marketed by Feria Valencia, the oldest event organizer in Spain and operator of one of the ten largest venues in the world.
The total cost of the Project will be U$S69.0 million and will be financed with a combination of equity, IDB Invest debt and a co-lender. IDB Invest will provide a loan of up to U$S27.6 million. The proposed loan will be structured as a senior secured loan with a tenor of 12 years.
The proposed financing is aligned with IDB Invest’s mandate, as it contemplates a "greenfield" sustainable tourism transaction, and from Canelones contribute to the expansion of the tourism sector in this department and in the metropolitan area of Montevideo. Additionally, the Project is expected to result in an economic stimulus effect through the increase in the number of visitors, tourist expenses, and benefits in the economic environment (including transportation, hotels, culture and gastronomic tourism).
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IDB Invest Contact
1350 New York Ave NW, Washington, DC 20005